Offer By Another Company To Extend Current Lease

North Dakota Mineral Rights Burke County, ND
1

I received a one year lease extension offer from Windridge Oil and Gas, LP for $100 an acre on Township 164 North, Range 92 West, 5th PM Section 31 and 32 in Burke Co, ND. Although we have other producing wells in the area leased by Petro Harvester, it appears that Petro Harvester has sold this parcel to Windridge and rather than offer me a new lease, Windridge wants to extend the Petro lease.

I have searched the forum and it seems to me that $100 an acre is very low for the 40 acres I own. Is it worth holding out for a better offer, or will I lose the offer if I ask more? I have negotiated leases before, but not an extension lease. Any help will be greatly appreciated. Vicki

4

Go back to your first lease and see if it has an extension clause. If it does, then you may be stuck with it. If not, then you can counter offer, try to find another group to lease to or just hold tight and wait it out. Other companies in the area are GPG Inc, Chancellor Energy LLC, Norther Energy Corporation, Missouri River Royalty Corporation Cold Ridge Resources LLC. Good time to check the clauses in your lease and see if you can improve them.